The bank has also updated its regulations regarding discriminating clients ‘on the basis of political affiliation.’
Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who haven’t passed background checks, the bank announced in a June 3 statement.
Citigroup instituted the policy in March 2018. It also included restricting clients from selling high-capacity magazines and bump stocks, and selling guns to individuals under 21 years of age.
That policy has now changed. In the statement, Citibank said that following “recent Executive Orders and federal legislation that impact this area … [it will] no longer have a specific policy as it relates to firearms.”
The bank said concerns were being raised about “fair access” to banking services, adding that the corporation is following regulatory developments, presidential executive orders, and federal legislation under the current Trump administration related to fair banking access.
“In light of those developments, we took an objective look at our policies and practices with the intent of striking the right balance between our commitment to fair and unbiased access to our products while continuing to manage all risks to the bank appropriately,” the bank added.
Furthermore, Citigroup said it will update the employee Code of Conduct and the Global Financial Access Policy, “to clearly state that we do not discriminate on the basis of political affiliation in the same way we are clear that we do not discriminate on the basis of other traits such as race and religion.”
The bank’s policy reversal follows President Donald Trump signing an executive order on Feb. 7 calling for a review of all policies, projects, rules, and government action under the Biden administration related to Second Amendment rights.
During the World Economic Forum annual summit in Davos on Jan. 22, Trump said entities aligned with conservative causes are being discriminated against by banks, and asked the sector to change its ways.
“I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump said, addressing Bank of America CEO Brian Moynihan.
“I don’t know if the regulators mandated that, because of Biden or what, but you and Jamie [Dimon, JPMorgan Chase CEO] and everybody, I hope you open your banks to conservatives because what you’re doing is wrong.”
